An ad campaign by CloudCommerce, was stripped from Facebook for violating the company's policies on "get-rich-quick" schemes and "exaggerated promises."
Trump campaign manager Brad Parscale is the largest shareholder in CloudCommerce, owning a 42% stake and having served on the board of directors as recently as last October, according to a U.S. Securities and Exchange Commission document, CBS News reported.
Facebook claimed CloudCommerce was promoting a stock offering with dividends of 10% from a company that is currently selling for less than a penny.
"We've rejected [CloudCommerce's] ads because our policies prohibit the kinds of tactics that mislead people through exaggerated promises of guaranteed financial success," Facebook wrote in statement to CBS News.
Parscale responded to the report with his own statement to CBS News.
"I sold two of my previous companies to CloudCommerce and part of the deal was non-voting preferred stock, which I can't sell," his statement read. "I resigned from the board last year and have no say in the activities of the company. I have nothing to do with their decisions."
Eric Mack ✉
Eric Mack has been a writer and editor at Newsmax since 2016. He is a 1998 Syracuse University journalism graduate and a New York Press Association award-winning writer.
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